SAN DIEGO--(BUSINESS WIRE)--Haeggquist & Eck, LLP, a shareholder rights litigation firm, is investigating potential corporate misconduct at Avinger, Inc. (“Avinger” or the “Company”) (NASDAQ: AVGR), a medical device designer and manufacturer of products focused on treating patients with peripheral arterial disease. The investigation includes examination of alleged materially false and misleading statements and omissions made in connection with the Company’s January 2015 initial public offering (“IPO”), notably concerning the Company’s sales of its lumivascular platform products and devices, including Pantheris. The investigation includes analysis of alleged problems with these products and devices.
The January 2015 IPO was priced at $13.00 per share. On July 12, 2016, Avinger stated that it projected its 2016 revenue to be roughly between $19 million to $23 million, compared to its previous guidance estimate of $25 million to $30 million, due in part to lower than anticipated sales of its Pantheris device. Following this and other Company specific news, Avinger stock dropped about 40%, from $11.43 per share to $6.89 per share. Avinger stock has continued to trade at less than $1 per share, trading at just $0.44 per share on July 12, 2017.
Avinger is currently subject to several securities class actions on behalf of those persons who purchased Avinger securities traceable to the IPO, with a reported September 5, 2017 deadline to seek lead plaintiff appointment.
Avinger Shareholders Have Legal Options
Concerned Avinger shareholders who would like more information about their rights and potential remedies, including remedies to the Company from the alleged misconduct of its executives and/or directors, may contact attorneys Amber Eck or Kathleen Herkenhoff at 619-342-8000, firstname.lastname@example.org or email@example.com. Similarly, we invite calls from former employees, whistleblowers and/or those seeking to provide additional information that will assist in the investigation.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
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